Martin Kasekende Archives

Uganda Clays has returned to profit, but its recovery remains fragile. Thin margins, weak cash flows, and a UGX 23.6 billion NSSF loan, partly unsecured, highlight underlying risks. As repayments loom in 2028, the company’s ability to sustain growth and meet its obligations will be the true measure of its turnaround.

Deferred Strength: Uganda Clays’ Fragile Recovery and the UGX 23.6b NSSF Exposure

Uganda Clays Limited has returned to profitability. On paper, that statement marks a turning point for one of Uganda’s oldest industrial manufacturers, a company that has struggled in recent years under the

April 18, 2026

The Big Story

A photo collage of Uganda Clays Managing Director Reuben Tumwebaze and Chairman Martin Kasekende. The two men have been at the centre Uganda Clays turnaround, which has been faulting for close to four years now.

The Pressure is on: Reuben Tumwebaze’s Uganda Clays Turnaround Faces Harsh Realities

When Reuben Tumwebaze assumed the reins of Uganda Clays (UCL) in March 2021, he walked into a company weighed down by its past. Once a market leader with deep roots in the

July 29, 2025

The Big Story

Although George Inholo grew Uganda Clays turnover by 36.2% from UGX22.1 billion in 2014 to UGX30.1 billion in 2018 and in the process returning the company to profitability and earning dividend-starved shareholders 3-years of straight dividends, his failure to steady profit growth even when significant concessions had been made on the company’s debt, was his ouster. Not even the perennial excuse of high costs of operation could save him.

Can George Inholo solve the Kamonkoli gridlock and permanently keep Uganda Clays on a growth path?

When George Inholo arrived at Uganda Clays Limited (UCL) at the fold of 2014 – August to be exact, it was literally a company with a feet of clay. A new $15m

September 9, 2019

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